Skip to main content

E-filing I-T returns

 

 

AS THE last date for filing income tax return for individuals, Hindu undivided families and other non-corporate assessees — July 31 — approaches, it is time to scurry around to arrange for the requisite documents and make several calls to their tax consultants.


   For the financial year 2009-10, individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital gains or own multiple house properties.


   You can complete the process either by seeking the assistance of a chartered accountant, through the I-T department's website

(www.incometaxindiaefiling.gov.in) or portals (like TaxSmile, TaxSpanner etc) that promise to simplify the e-filing process further. If you decide to opt for the I-T department's website, there are a few points — some dos and don'ts — that you need to bear in mind while filing your I-T returns. Here are some:


   1) At the outset, you need to make sure you choose the right form. Salaried individuals should opt for ITR-1 (form Saral-II) or ITR-II, as applicable.


   2) Once the return-filing process is completed, make sure you save a copy of the excel sheet as well as the XML file for your record. This can come in handy should there be a need to file a revised return.


   3) Self-filing of return is ideal when your income composition is simple. However, if it entails items like sale of property or change in employment, it is better to enlist the services of a tax professional.


   4) If you are eligible for a tax refund from the I-T department, ensure that you mention your bank account details correctly in order to facilitate hassle-free processing of your tax refund.


   5) If you are in the process of switching jobs and intend to close your current salary account, don't forget to enter the details of another personal savings bank account other than the salary account.


   6) Remember that merely filing your return online before July 31 does not result in culmination of the process, if you have not obtained a digital signature (DS). In the absence of DS, the procedure is not completely electronic. Once you have completed filing your return online, you need to send a copy of the completed, signed ITR-5 — an acknowledgementcum-verification form generated once you are through with filing your return — to the following address: Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore-560 100, Karnataka.


   7) Furthermore, you need to make sure that it is sent by ordinary post or Speed Post only, within 120 days from the date of furnishing your return online. If the same is furnished beyond this period, you will have to file your return again.


   8) Also, you are not required to submit any annexures, covering letters, pre-stamped envelopes or Form 16, along with ITR-5. This is applicable even to those who manually file their returns at the local tax offices. The income tax department's e-filing portal provides an exhaustive list of dos and don'ts pertaining to ITR-5. You would do well to go through the same, as the forms that do not conform to the specifications mentioned may get rejected or the acknowledgement may get delayed.


   9) If you do not get an e-mailed acknowledgement regarding the receipt of ITR-5 from the income tax department within reasonable time, you should send a copy of the acknowledgement form once again to the address mentioned above. This holds true for ITR-5s sent through Speed Post, too.

 

Popular posts from this blog

Surrender ULPPs

  ICICI Pru LifeTime and ICICI Pru Lifestage are Unit Linked Pension Plans. Such insurance linked retirement plans are neither good investments nor do they offer sufficient insurance cover. As you can see, these have turned out to be bad deals. In the Lifetime plan, the fund value is not even equal to the total premiums that you have paid and in the Lifestage plan your return is just about 6% which is quite low. The mortality charges are as per your age which is why they have increased. Moreover, once these plans matures, you will have to compulsorily opt for annuity (regular income) and the annuity rates are generally modest. Assuming these plans mature in the next one year, it will be wise to surrender the plan now and curb your future commitments.   Before you choose to buy a term plan, you have to consider a few points. You need to insure yourself, only during the time you are working and your family is financially dependent on you. At the age of 59, not all insurance companies w...

Sundaram Mutual Fund new plan Sundaram Fixed Term Plan CJ

Sundaram Mutual Fund has announced the launch of a new fund named as Sundaram Fixed Term Plan CJ. The new issue will be closed for subscription on January 30. --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.   Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)   Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications   These Application Forms can be used for buying regular mutual funds also   Some of the best Tax Saving Mutual Funds available are: 1. HDFC TaxSaver 2. ICICI Prudential Tax Plan 3. DSP BlackRock Tax Saver Fund 4. Birla Sun Life Tax Relief '96 5. Reliance Tax Saver (ELSS) Fund 6. IDFC Tax Advantage (ELSS) Fund 7. SBI Magnum Tax Gain Scheme 1993 8. Sundaram Tax Saver   -...

Group Health Insurance

Buy Group Health Insurance Online   For Human Resources, the biggest challenge today is to decide whether medical benefits should be offered to employees or not, what type of plans should be offered, what will be the cost and how will the cost be split between employees and employer. Well, most of these are subjective and would depend on a lot of factors including company size, average employee salary, etc. However, this article will give you a fair idea on how you should go about deciding these factors: 1. Why offer group health insurance benefit to employees : Studies have proved that retention rates among employers offering GHI are much higher than the ones who are not offering. Moreover, the cost of providing this benefit as a percentage of salary is very low as compared to the perceived value. As an example, say if average salary of an employee in your organization is 4 LPA. If you decide to offer a health insurance benefit to him for a Sum insured of ...

Choose gold ETF over Physical Gold

Investing in gold is overall a good portfolio hedging strategy as long as gold does not account for more than 5-10 per cent of your investment portfolio. Between physical gold and gold ETF, investing in gold ETF is a better proposition because these funds invest in physical gold making them the closest to investing in physical gold at no risk of holding physical gold.   You will need to have a demat account to invest in gold ETFs and there is little to choose between any of the gold ETFs, you can pick any fund that you wish to as long as you pick the fund with the lowest expense ratio.   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   1) DSP BlackRock Mutual Funds: http://prajnacapital.blogspot.com/2011/05/buying-dsp-blackrock-mutual-funds.html   2) Reliance Mutual Funds: http://prajnacapital.blogspot.com/2011/06/buying-reliance-mutual-funds-online.html   3) Reliance Mutual Funds: http://prajnacapital....

Commercial Paper (CP)

Invest Mutual Funds Online Download Mutual Fund Application Forms Commercial Paper (CP): These are issued by corporate entities in denominations of Rs.2.5mn and usually have a maturity of 90 days. CPs can also be issued for maturity periods of 180 and one year but the most active market is for 90 day CPs.   Two key regulations govern the issuance of CPs-firstly, CPs have to be compulsorily rated by a recognized credit rating agency and only those companies can issue CPs which have a short term rating of at least P1. Secondly, funds raised through CPs do not represent fresh borrowings for the corporate issuer but merely substitute a part of the banking limits available to it. Hence, a company issues CPs almost always to save on interest costs ie it will issue CPs only when the environment is such that CP issuance will be at rates lower than the rate at which it borrows money from its banking consortium. ----------------------...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now